According to the Office of National Statistics, “The number of people suffering from long-term sickness are neither working nor looking for one in the country. The record is at all-time high now.”
The overall economic inactivity rate of those not working and or looking for jobs decreased by 0.4%.
It implies that since the pandemic, there have been over 4,00,000 people outside the labour market because of poor health or illness. Apparently, the count may increase to 2.5 million! It is an alarming concern as most individuals have anxiety, depression, and other mental concerns. At the same time others have muscular pains because of a consistent working-from-home schedule.
Individuals with limited income find financing their health requirements challenging.
How much does an average health consultation cost in the UK?
It costs around £200-£300/per visit on average at a private hospital or clinic in the UK. Within which you can consult the doctor for only 15 minutes. For a longer appointment, you must pay more.
How can an unemployed finance urgent health needs amid high costs?
The average income of unemployed individuals is £800/month. It includes the government benefits they receive. The maximum income of an unemployed depends on the part-time jobs, benefits, and grants he leverages. It also depends on the liabilities one shares. Precisely, managing health requirements and constant medications seems nearly impossible in unemployment.
Thus, if you are unemployed and seek a solution to counter medical expenses wisely, read ahead.
It lists the best ways to finance your medical needs without sabotaging your savings. Let’s read ahead.
5 ways to meet health-related expenses as an unemployed
Unemployment comes with additional expenses but limited pay. Liabilities like- rent, school fees, utility bills, insurance premiums, and credit card pending bills make it impossible to save. Therefore, one could hardly save for health-related concerns.
Delaying immediate treatment and medications may increase the severity. Thus, avoid delaying and seek actionable solutions to deal with the problem. If you struggle to spot any, the below tips may help. It is for individuals with limited income and leveraging unemployment benefits:
1) Independent loans for bad credit score
Most unemployed individuals prioritise savings over any additional expenses. It is the right approach to managing money in limited liquidity. However, certain life circumstances require immediate cash help. For an example:
What if your doctor prescribes you some tests? If the total costs of the tests exceed 5000, would you leave it unattained? No, it is not the right way to attend any emergency. Especially when it concerns your health, Instead of giving up, seek options.
If you cannot get help from your friends and family, there still lies some hope. Financial facilities like a loan for bad credit and no broker may help. It helps one counter the expense without paying extra fees to the broker. It reduces the time involved in getting the needed cash.
What could be better than an individual financial solution within time?
You can qualify if you have to support consistent income like- payments for rent, part-time jobs, income from dividends, etc. You can withdraw a flexible amount of up to £10000 for your tests hassle-free. It solves using a credit card with a bad credit history.
2) Seek cash help over benefits income
If you are new to this unemployment phase, you lack a part-time income. It is because you are just beginning or sorting out the ways to limit your expenses. Undoubtedly, dealing with job loss is the most startling thing. How can one change lifestyle suddenly?
However, after unemployment, you must apply for unemployment benefits immediately. It would help you keep up with essential requirements meanwhile.
However, emergencies do not wait. They strike uninvitingly.
Most unemployed individuals suffer from- sleeplessness, anxiety, depression, and mental issues. It hampers other aspects of their life. Suffocation and other symptoms like- breathlessness and panic-subdued aspects require immediate medical consultation.
If you lack regular income, benefit loans from a direct lender may help. You can get these on your income from the benefits slip. However, the amount may not be much. You can meet short-term requirements up to £1000-£1500 immediately with these loans. You can book your consultation to deal with issues like- panic, stress, or anxiety. After that, practice meditation and mindfulness with a healthy diet to get over stress quickly.
3) Analyse your health insurance covers
Nearly every individual invests in some health insurance to fund the expenses in an emergency. If you pay regular insurance premiums during employment, the company may help. Analyse the total money you need to finance the health requirement. One usually taps insurance in life-changing circumstances like financing a surgery or an organ transplant.
If you face any major medical issue requiring a high amount of treatment, health insurance helps. However, you must analyse the terms and whether they cover a particular disease. It would help proceed with no delay. You can get your hard-earned money to finance your needs.
4) Check free NHS prescriptions from the government
Apart from the above aspects, check free NHS prescriptions. You may leverage it for dental treatment, medications, and eye tests, paying nothing upfront. However, meets certain criteria and parameters. It depends on factors like:
- Age
- Income
- Your residential area
- Benefits you leverage
- Pregnancy issues
- If you have a rare or serious medical condition
You can gain information about the parameters in detail on the NHS website.
5) Utilise the expense using the deposit money
Individuals save money towards deposits for car finance quotes. It would help you reduce the overall costs of purchasing a car on finance. However, the dreams require postponement in situations like unemployment. No one wants to use the savings to meet their needs. One must in order to survive through the most critical moments.
If your doctor prescribes you a small operation for stone removal, would you wait until savings?
No, you will use the deposit money you have. It would help you meet the requirements on time.
But what if I need urgent money now to finance the operational needs?
What if I have no savings?
If you need quick finance, there are different facilities. To qualify, you must prove your affordability. As an unemployed, you may not get a higher amount. For that, you would need a guarantor or opt for a secured loan. It would help you cover the requirement within time. Discuss your requirements with the lender and get the right financial solution timely.
Bottom line
These are some of the best ways to finance medical requirements if unemployed. Apart from these, work and try to improve job prospects. It is because of post-operation or medical consultation; that you require constant financial flow. It would help you get back to the initial financial set-up. It is important to survive through the struggling phase and ensure financial stability later.
Jessica William operates as a Senior Consultant and Chief Content Editor for 10 years at 1Onefinance. She assists the firm in getting a grip on the new lending laws and regulations. She does so by researching the trends, consumer requirements, and new audience preferences. Jessica is responsible for making important financial and administrative decisions.
Apart from helping consumers with the best solutions, Jessica Williams helps them ensure financial stability. She analyse the business data, finances, expenses, and revenue/ income of customers and determines necessary changes. Jessica finished her Doctorate in finance and law and implements her knowledge to the best interest of the firm and customers.